At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
New Listings were up 3.7 percent to 694. Pending Sales increased 9.7 percent to 601. Inventory grew 3.4 percent to 2,363 units.
Prices moved higher as Median Sales Price was up 0.5 percent to $321,500. Days on Market held steady at 136. Months Supply of Inventory was down 1.9 percent to 5.3 months, indicating that demand increased relative to supply.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
If you'd like to receive the full report or breakdown by communities, let me know! I'd be happy to email you the information.